Centene (NYSE:CNC) Price Target Raised to $78.00 at Truist Financial

Key Points

• Truist Financial raised its price target on Centene from $71 to $78 and kept a buy rating, implying about 13.6% upside from the current price.
• Centene’s latest quarter beat expectations, posting $3.37 EPS versus the $2.23 consensus and $49.94 billion in revenue, up 7.1% year over year.
• Despite mixed analyst sentiment overall, Centene has seven Buy ratings and heavy institutional ownership, with hedge funds and other investors holding 93.63% of the stock.

Centene (NYSE:CNC - Get Free Report) had its target price increased by equities research analysts at Truist Financial from $71.00 to $78.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's target price indicates a potential upside of 13.60% from the stock's current price.

Other equities analysts also recently issued reports about the stock. Sanford C. Bernstein upped their price objective on shares of Centene from $48.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, May 5th. Robert W. Baird upped their price target on Centene from $36.00 to $37.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. UBS Group reiterated a "neutral" rating and issued a $61.00 price objective (up from $55.00) on shares of Centene in a research report on Friday, May 22nd. Barclays reissued an "overweight" rating on shares of Centene in a research note on Tuesday, June 16th. Finally, Bank of America raised their price target on Centene from $72.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $63.61.

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Centene Trading Up 0.5%

Shares of CNC stock opened at $68.66 on Tuesday. The business has a 50-day moving average of $61.83 and a 200 day moving average of $48.17. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12. Centene has a 1-year low of $25.08 and a 1-year high of $69.29. The stock has a market capitalization of $33.90 billion, a PE ratio of -5.26, a P/E/G ratio of 0.53 and a beta of 1.07.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $2.23 by $1.14. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The firm had revenue of $49.94 billion during the quarter, compared to the consensus estimate of $47.53 billion. During the same quarter in the previous year, the company posted $2.90 earnings per share. The business's revenue was up 7.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Centene will post 3.44 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CNC. Tema ETFs LLC boosted its position in shares of Centene by 10.4% during the second quarter. Tema ETFs LLC now owns 9,261 shares of the company's stock valued at $594,000 after purchasing an additional 870 shares in the last quarter. Fulton Bank N.A. purchased a new position in Centene during the second quarter valued at $296,000. Wealthcare Advisory Partners LLC bought a new stake in shares of Centene during the 2nd quarter valued at $250,000. World Equity Group Inc. purchased a new stake in shares of Centene in the 2nd quarter worth about $535,000. Finally, Arista Wealth Management LLC increased its stake in shares of Centene by 100.5% in the 2nd quarter. Arista Wealth Management LLC now owns 12,307 shares of the company's stock worth $790,000 after acquiring an additional 6,170 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company's stock.

About Centene

Centene Corporation NYSE: CNC is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children's Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene's offerings extend beyond traditional insurance to include a range of specialty and support services.

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